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Fixed Assets | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Fixed Assets | FIXED ASSETS A summary of fixed assets at December 31, 2018 and 2017, is as follows:
| December 31,
(in thousands) | 2018 |  | 2017
Land | $ | 8,559 |  |  | $ | 7,263 |
Buildings and leasehold improvements | 32,456 |  |  | 32,384 |
Furniture, fixtures and equipment | 9,850 |  |  | 8,272 |
Capitalized software | 1,305 |  |  | 1,305 |
| 52,170 |  |  | 49,224 |
Less accumulated depreciation and amortization | 20,061 |  |  | 16,606 |
Total fixed assets | $ | 32,109 |  |  | $ | 32,618 |
Depreciation and amortization of fixed assets included in noninterest expense amounted to $3.5 million, $3.3 million, and $2.4 million in 2018, 2017, and 2016, respectively. The Company has facilities leased under agreements that expire in various years through 2030. The Company’s rent expense totaled $3.6 million, $3.3 million, and $3.1 million in 2018, 2017, and 2016, respectively. Sublease rental income was insignificant in both 2018 and 2017, and $0.1 million for 2016. For leases which renew or are subject to periodic rental adjustments, the monthly rental payments will be adjusted based on current market conditions and rates of inflation. The future aggregate minimum rental commitments (in thousands) required under the Company’s equipment and facilities leases are shown below:
Year | Amount
2019 | $ | 3,312 |
2020 | 3,292 |
2021 | 3,297 |
2022 | 2,709 |
2023 | 2,106 |
Thereafter | 3,143 |
Total | $ | 17,859 |
The Company has recorded a liability and corresponding expense for the difference between the net present value of future lease payments and its estimated sublease income on certain vacant branches. As of December 31, 2018, this liability was immaterial. The Company recorded expense for the estimated net lease liability of $0.0 million, $0.4 million, and $0.5 million in 2018, 2017, and 2016, respectively. The expense is recorded within other noninterest expense.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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